Esprit CEO continues to revamp in Zara’s image
Print Edition
Esprit Holdings’ chief is doubling down on a bet to fix the struggling clothing retailer he took charge of a year ago by revamping its existing business model and recreating it in the image of Zara, his former employer.
Jose Manuel Martinez Gutierrez, 44, has stacked his management suite with veterans of Zara owner Inditex, the world’s biggest retailer. Its model of rapidly changing fashion is among the best in the industry, analysts say.
He also unveiled upgrades to technology and distribution to help his new hires get clothes designed, manufactured and on the racks in three to four months from the current seven to eight-month time frame.
Now, all he has to do is get customers to buy the clothes.
The former McKinsey consultant and supply-chain specialist has laid the foundations for Esprit’s recovery over the next 12-18 months with the overhaul — he reduced the company’s workforce by 10 percent in the past year — but the real gauge of success will be in growing sales.
And in today’s increasingly crowded market for high-street fashion, that means being able to adapt to the rapidly changing and divergent tastes of price-sensitive shoppers.
“We are mostly focusing now on improving all of our products’ design and value for money, rather than on rethinking our sales strategy,” Martinez said.
To succeed, he will need buy-in from Esprit’s design and sourcing departments to its marketing managers.
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